2000 Public Statement
04/11/2000Royal Decree establishing the Saudi Arabian General Investment AuthorityThe following regulations were published on April 11, 2000, establishing a general commission for investment.

Regulations of Saudi Arabian General Investment Authorityas published on April 11, 2000

(1) The general commission for investment shall be in charge of investment in the Kingdom of Saudi Arabia, including foreign investment.

(2) It shall be based in Riyadh.

(3) It shall be assigned:

to forge the State's policies in the promotion and enhancement of domestic and foreign investment, forwarding its proposals to the Supreme Economic Council (SEC);

to devise executive plans and regulations appropriate for the creation of a good investment climate in the Kingdom, and send them to the SEC;

to follow up and evaluate the performance of both domestic and foreign investment;

(4) It shall also:

conduct studies on investment opportunities in the Kingdom and ways of promoting them; coordinate and work with investment-related governmental bodies in order to facilitate its mission;

organize conferences, symposia and exhibitions inside and outside the Kingdom and participate in similar investment-related activities;

develop data bases and conduct the necessary statistical surveys in order to undertake its tasks;

carry out whatever other duties are assigned to it in accordance with the government system.

(5) The Board of Directors of the commission, which enjoys an artificial personality, shall consist of the Chairman, who is Governor of the organization; and members, who are representatives from the Ministries of the Interior, Foreign Affairs, Commerce, Agriculture and Water, Petroleum and Mineral Resources, Industry and Electricity, Finance and National Economy, Planning, and Labor and Social Affairs, and from the Saudi Arabian Monetary Agency (SAMA), plus two members to represent the private sector, who will be appointed by the Chairman of SEC upon recommendation from the Governor of the commission.

(6) Members of the Board of Directors will serve for three years.

(7) The Board of Directors will be assigned to supervise the organization's affairs and take all necessary decisions to realize its purposes within its system, particularly:

considering or rejecting investment applications;

suggesting a list of the types of activities to be excluded from foreign investment, for submission to the SEC;

accrediting the internal, financial and administrative regulations as well as the commision's hierarchy;

supervising the commission's administrative and financial operations, auditing them and approving the organization's budget, final accounts, accountant controller's report and annual report, prior to submitting them to the SEC.

(8) Committees will be formed in accordance with the consideration by the Board, of reports submitted to it by the Governor.

(9) These committees will propose amendments to these regulations and other investment-related systems; authorize their representatives to reach agreements and conclude contracts within the bases suggested by the Board of Directors; approve the work and operational plans of the commission; and accept donations, gifts, grants and aid in its name.

(10) The Board of Directors shall issue its decisions upon the majority of those attending.

(11) The Governor, who is the executive manager of the organization, shall be appointed at the rank of Minister by Royal Decree upon a recommendation from the Chairman of SEC.

(12) A comprehensive service center will be annexed to the organization to extend investment-related information to investment seekers from inside and outside the Kingdom.

(13) The commission will enjoy an independent budget.

(14) These regulations will be valid within thirty (30) days from the day of publication in the official gazette, whereby it nullifies all laws considered contradictory to it.